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| India's Tata wins race for Corus | India's Tata wins race for Corus |
| (10 minutes later) | |
| Indian firm Tata Steel has won the battle to take over Anglo-Dutch steelmaker Corus. | Indian firm Tata Steel has won the battle to take over Anglo-Dutch steelmaker Corus. |
| Tata's bid for the European steelmaker, which was created from the merger of British Steel and Hoogovens, beat that of its Brazilian rival CSN. | Tata's bid for the European steelmaker, which was created from the merger of British Steel and Hoogovens, beat that of its Brazilian rival CSN. |
| Britain's Takeover Panel said Tata had won after offering 608p per share, valuing Corus at £5.75bn ($11.3bn). | Britain's Takeover Panel said Tata had won after offering 608p per share, valuing Corus at £5.75bn ($11.3bn). |
| Corus employs 47,300 people worldwide, including 24,000 in the UK at plants in Wales and England. | |
| Shares in Corus closed up nearly 7% at 601.5 pence in London as investors welcomed the outcome of the bid battle. | Shares in Corus closed up nearly 7% at 601.5 pence in London as investors welcomed the outcome of the bid battle. |
| It is a two-way street now - India is seeking foreign investment, but Indian companies are emerging investors in other countries Kamal NathIndia's Commerce Minister Q&A: Corus takeover Indian press reaction Check Corus shares | It is a two-way street now - India is seeking foreign investment, but Indian companies are emerging investors in other countries Kamal NathIndia's Commerce Minister Q&A: Corus takeover Indian press reaction Check Corus shares |
| Yet shares in Tata Steel closed down 11% on Wednesday, as investors worried about the deal's short term financial impact on the Indian firm. | Yet shares in Tata Steel closed down 11% on Wednesday, as investors worried about the deal's short term financial impact on the Indian firm. |
| Tata, which is based in Mumbai (Bombay), previously said its takeover would not lead to job losses in the first phase. | Tata, which is based in Mumbai (Bombay), previously said its takeover would not lead to job losses in the first phase. |
| The takeover will create the world's fifth-largest steel group. | The takeover will create the world's fifth-largest steel group. |
| In the UK, Corus has operations at Port Talbot, Scunthorpe, Newport, Corby, Redcar, York, Deeside, Wolverhampton and Rotherham. | |
| 'Big player' | 'Big player' |
| Tata Steel's owner Ratan Tata hailed the takeover as "a moment of great fulfilment for all in India". | Tata Steel's owner Ratan Tata hailed the takeover as "a moment of great fulfilment for all in India". |
| "When we first bid for Corus, many thought it was an audacious move," he said at a press conference in India. | "When we first bid for Corus, many thought it was an audacious move," he said at a press conference in India. |
| "Tata has a global scale now. | "Tata has a global scale now. |
| "This is the first step in showing that Indian industry can step outside its shores into an international market place as a global player." | "This is the first step in showing that Indian industry can step outside its shores into an international market place as a global player." |
| India's Commerce and Industry Minister Kamal Nath welcomed the deal and said: "It is a two-way street now. Not only India is seeking foreign investment, but Indian companies are emerging investors in other countries." | India's Commerce and Industry Minister Kamal Nath welcomed the deal and said: "It is a two-way street now. Not only India is seeking foreign investment, but Indian companies are emerging investors in other countries." |
| Analysts say the deal is a gamble by Tata chairman Ratan Tata | Analysts say the deal is a gamble by Tata chairman Ratan Tata |
| The two-way battle for the firm began in October when Tata tabled a £4.1bn bid for the group and, in December, the Corus board recommended a revised £4.7bn offer from Tata. | The two-way battle for the firm began in October when Tata tabled a £4.1bn bid for the group and, in December, the Corus board recommended a revised £4.7bn offer from Tata. |
| But, just hours later the board confirmed it had approved a £4.9bn, offer from Rio de Janeiro-based CSN. | But, just hours later the board confirmed it had approved a £4.9bn, offer from Rio de Janeiro-based CSN. |
| Tata eventually outbid its Brazilian rivals. | Tata eventually outbid its Brazilian rivals. |
| Wider Indian group | Wider Indian group |
| Last year Corus was the ninth-largest steel producer in the world with 18.2 million tonnes of output. | Last year Corus was the ninth-largest steel producer in the world with 18.2 million tonnes of output. |
| It banked pre-tax profits of £580m on turnover of £10.14bn. | It banked pre-tax profits of £580m on turnover of £10.14bn. |
| Tata Steel, part of the Indian conglomerate Tata Group, was last year ranked 56th in the list of steelmakers around the world with output of 5.3 million tonnes. | Tata Steel, part of the Indian conglomerate Tata Group, was last year ranked 56th in the list of steelmakers around the world with output of 5.3 million tonnes. |
| The Tata Group - which owns Tetley tea and Daewoo trucks - has operations in more than 50 countries. | The Tata Group - which owns Tetley tea and Daewoo trucks - has operations in more than 50 countries. |